"The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well."- Ralph Waldo Emerson

Thursday, November 08, 2012

Quote of the Day: Business Advise: Get Lawyers and Lobbyists

If you run a business, get a lot of lawyers and lobbysists. He who writes the regulations will make a lot of money. He who does not will lose. Make sure you make the right political contributions and don't say anything critical of those in power. You will need a discretionary waiver of something, and these rules are so huge and so vague, the regulators can do what they want with you. Don't be the one to get "crucified" (EPA). We live in the crony-capitalist system that Luigi Zingales describes so well. Live with it. Political freedom requires economic freedom, taught us Milton Friedman. You don't have the latter, don't expect the former.

This snarky but relevant and realistic advice is from University of Chicago Professor John H. Cochrane who writes that there won’t be much legislation due to a divided Congress, but that big or major changes will emanate from a labyrinth of executive orders and from the “metastatic expansion of regulation, let by ACA, Dodd-Frank, and EPA” which he explains in detail here

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About Me

About Me 2.0

Trade the Philippine stock market.

For inquiries, my email address: benson.te@gmail.com

I am a licensed agent and trader-analyst for MDR Securities

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Bubbles do not produce new goods and services. They don’t create new wealth. For example, there was a copper bubble from 2009 to 2011. T...

Favorite Quotes

Favorite quotes:

Everything that happens in the social world in our time is the result of ideas. Good things and bad things. What is needed is to fight bad ideas. We must fight all that we dislike in public life. We must substitute better ideas for wrong ideas. We must refute the doctrines that promote union violence. We must oppose the confiscation of property, the control of prices, inflation, and all those evils from which we suffer.-Ludwig von Mises

Society lives and acts only in individuals; it is nothing more than a certain attitude on their part. Everyone carries a part of society on his shoulders; no one is relieved of his share of responsibility by others. And no one can find a safe way out for himself if society is sweeping towards destruction. Therefore everyone, in his own interests, must thrust himself vigorously into the intellectual battle. None can stand aside with unconcern; the interests of everyone hang on the result. Whether he chooses or not, every man is drawn into the great historical struggle, the decisive battle into which our epoch has plunged us. -Ludwig von Mises

It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a "dismal science." But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.-Murray N. Rothbard

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design -Friedrich von Hayek

When goods don't cross borders, armies will-Frederic Bastiat

If you give a man a fish, you feed him for a day. If you teach a man how to fish, you feed him for a lifetime.-Confucius

First they ignore you, then they laugh at you, then they fight you, then you win- Mahatma Gandhi (misattributed) original-Nicholas Klein

Facts do not cease to exist because they are ignored--Aldous Huxley

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Psalm 23:

-The Lord is my shepherd; I shall not want.

-He maketh me to lie down in green pastures: he leadeth me beside the still waters.

-He restoreth my soul: he leadeth me in the paths of righteousness for his name's sake.

-Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me.

-Thou preparest a table before me in the presence of mine enemies: thou anointest my head with oil; my cup runneth over.

-Surely goodness and mercy shall follow me all the days of my life: and I will dwell in the house of the Lord for ever.